guys, fresh graduate here..

I'd like to know what are the qualifications to be a legitimate stock broker?

read the licensing handbook 2

u can find it in the Securities commission web site.

find > dealing in securities> capital market services representative...

For examination...

go to SC sub web site which is the SIDC web page ...

u will find the requisite modules to take.

http://www.sidc.com.my/programme/licensing...dule-combo.html

dun really get it.

according to page above, local participant needs to take the exams such that he is eligible to enter the market?

how about cfp or cfa such qualifications ? not relevant ?

For CFP refer Financial Planning - this is also govern by SC but under financial planning.

if u want to deal in any capital market products u wuill need to take an exam by SC in order to become a license representative. thats why i said u shu check the licensing handbook for details.

btw (check out the licensing handbook for further details)

http://sc.com.my/eng/html/cmsa/handbook.html

There are 2 types of stock broker:

1) Dealer representative - u represent company for stock trading deals
2) Remisier - u r the boss of your self but if i am not mistaken,u need to deposit RM50k to be remisier

I am a dealer representative for Corporate clients (institutional dealings) for one of Malaysian top investment banking company.

here is the answer to your question:

1) you need to take license to become a stockbroker
2) you need to take module 6 & 7 examination with SC
3) pls refer to sidc website should u plan to become dual license holder (equity + futures)

all the best!

Im confused.

the SC exams is the license to work, whereas CFA is to advance beyond bachelor level?

I rmb someone told me that it's better work to on CFA or similar designation first, though.

CFA is a professional course. If you prefer to be a portfolio manager,investment analyst,fund manager etc.. you are at advantage to get these positions if you are a CFA charter holder.

If you just want to be a stockbroker,just sit for the module 6 & 7.

CFA is a pre-requisite for Fianancial Planners which is also a product offered by the Capital Market under "Financial Planning".

For ANY Capital Market products which includes:
Financial Planning
Dealing in Securities
Dealing in Futures
Fund Management
corporate Finance
Investment advise

All this you will need to take an EXAM which is MANDATORY before license will be issued to you PROVIDED your attached with a Trading Participant (or other institutions) or u can be a local participant

For Dealing in Securities:

You will need aDegree from any recognized University by the Malaysian Gov and than you can sign up as a Remisier.

Read page 33 & 34 of the licensing HB.. fore requirements.

This post has been edited by aurora97: Nov 18 2008, 12:43 PM

Have a question, did they get any basic wage instead of brokerage commission?

FYI

There's no more diffrentiation between DR and Remisier after 27th sep 2007, all r now known as Capital Market Services Representative (CMSRL) u will see this title in your license certificate given to you by SC or ur respective licensing dept.

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Added on November 18, 2008, 12:47 pmRemisiers dont get any basic wages...

if u check in the bursa rules, if i am not mistaken its 60:40 profit sharing basis...

For Remsiers only!

(will post the reference once i find it)

Bursa Rurles check 310.2 for Securities

This post has been edited by aurora97: Nov 18 2008, 12:56 PM

No wonder they are very afraid when their client want to move to another remiser/dealer/other broker firm .. and some of them always take MC/Vacation/Lost In Action whenever they want

This post has been edited by Irzani: Nov 18 2008, 12:53 PM

nolah not like that, client actually can move their account any time one...

if ur remisier dont sign also got ways to make him sign also, alot of ways to do it.

Licensed person to carry out stock trading activity is define as CMSR,regulated under CMSRL act. Eventhough DR and Remisier are under one act, both are different in terms of its substance.For eg. Dealer Rep is a staff of a company while remisier act as Principal-agent basis.

There are differences btw these 2 terms, eventhough the role is recognised under the same act (CMSRL).

Hope TS not confuse with this explanation..

Correction CMSR is actually = CMSA Capital Market Services Act 2007.

Sorry, I hope this thread is still alive.

Anybody here took Module 12? This exam is seriously killing me I've taken it 3 times already. The questions are very broad. Any help will do! Seminars..etc.

are cfa and mba mutually exclusive?

Is a pre-requisite does not exclude a CFA orMBA from the Exam, the person will still have to take it.

i am interesting to become a stock broker, anyone can give me adcice how the path to go?

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Added on December 18, 2008, 9:41 amhow to obtain the license? how much the fees? how the process? how long time taken? wht do prepare...???

This post has been edited by ivanlau1122: Dec 18 2008, 09:41 AM

Just wonder, what is the average income for amateur vs. experience broker?

broker is a dying industry, everybody go online, why bother to get in ?

Although i am online user too, i do hope i have a broker than can do analysis for me and give me certain advice which help me in investment.

My remisier never do that for me at all. He scares he may get scold if anything turn bad but told him that no worry even if i make loses, it is all my responsibility, yet still he don;t prefer to do that. I guess to rely on people better read on your own and do homework yourself, to make money you need to put some effort instead.

Scenario 1
I suggest you make an enquiry with the relevant bank see whetehr they r accepting anymore Commission Dealers.

Than...

You can choose to take the SC exam first...
> Module 6 n 7 (most common)
> u can find all the materials with SC.

Than...

If u have found a bank that is accepting ComDealers proceed to licensing dept.

Fees (this part u will need to chech)
Bursa Annual Membership Fee
SC Annual Licensing Fee
CPE courses (fee variable, in-house is cheaper but dependin)
Deposit, if ur new Remisier you may be required to deposit X amt (i think the standard is RM 50,000 or Rm 30,000) dpendin on risk factor i.e. u.

Is the course sponsor by the bank when you join them?

Hi,


First and foremost is you should have commerce/economics background to pass the eligibility test to become a stock broker. it is a good career option.




Regards,
sarah_9




World Market

hi. what is means by 60:40 profits sharing basic? If dealer representative for a firm then how their salary and commission counts?

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Added on May 29, 2011, 10:23 pmstock broker can't have their own trading account??

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Added on May 29, 2011, 10:26 pmstock broker can't have their own trading account??

This post has been edited by william1999: May 29 2011, 10:26 PM

Hi,

Just want to ask some questions. One of the Malaysian top investment bank give dealer representative (DR) a salary plus commissions/ incentives (depend on the sales he/she made).

However, I wonder...how the DR get their clients. Especially retail DR. If there are no walk in clients (worst scenario), will the comp do anything to help the DR & get his/her incentive or comp will do nothing & the DR will get his/her salary only during the pay day...

Second issue is how is the incentive calculated, means how much the DR will get his/her incentive. What is the basis? Is it per amount invested/ per client/ per deal or etc).

Normally how many walk in clients really want to invest within a month (normal market situation)? How much will the DR get?

Will the DR get bonus? What is the range (on average)? A year, 2 years, 3 years...

Any increment & What is the range (on average)?

For fresh grad, what is the starting pay?

Any salary adjustment after license obtained?


Really appreciate for those who can answer my questions...

TQ.








This post has been edited by fazli196: Jan 19 2012, 11:49 PM

1

This post has been edited by RedJacket: Jul 14 2014, 08:55 PM

Dealers and remisiers are in the stockbroking industry primarily for the money, which was phenomenally good in the mid-1990's during the mother of all bull runs. However, all good things come to an end. These days, it's not a vocation that I would recommend anyone for a satisfying or fulfilling career, or for the money. You also learn little by way of lifelong skills, unless you want to see human greed and folly on an almost daily basis. The money is down to a trickle these days. And yes, you are more a sales/marketing person than an investment adviser. RedJacket is wise to relinquish his high school ambition to be a remisier.

i like to become one of them but i only spm

was a broker b4... well, the competition for this industry is exponentially increase along with time in future especially when RHB merge with OSK. A typical broker who just receive call or waiting customer to come no longer can earn big money like 80 or 90. Nowadays, u have to look for those who willing to invest in margin. The trend have been change from cash to using bank money. The high competition have been caused the requirement or the entry become even higher as those employers wish not to hire someone with no connection or networking. Good luck for those who r keen to enter this line.

I would like to know whether there is availability to get the SIDC syllabus reading materials for free if I were to take modules 6 & 7? Also, question to all the other experienced one, how much is the basic salary as dealer? I am a fresh graduate between.

I tot that when u signed up for Module 6 and 7, reading materials are provided together which is why the exam fees for each module is RM200 and subsequent resit is RM100. Not sure about the basic salary but should be around 2K+ same as any other job for fresh grads. Mind you the reading materials provided will not be sufficient for you to go thru the exams,you need to have other reading materials as well and some basic in finance.

I actually asked my friend who worked as remisier and has taken modules 6 & 7 before. He told me that both will cost RM400.00 as for the reading materials will have to buy from the SIDC (i dunno how much though). The basic salary for fresh graduate is roughly 1.8k-2.0k

Hi guys is the test very difficult? i heard its 6 hours long and it is one of the most difficult test around. Please share your experience

Both Module 6 and 7 are MCQ(multiple choice Question), 60 questions for 1 1/2 hrs each. Passing mark is not 50% but I was told is at least 2/3 ie 67%.

Tough? depends on individual one is finance the other is rules and regulations/law.

bro, do you know where can i purchase the module 6,7 reference book first? i hope i can study the book first before go to register for the exam. i think its better to prepare the exam earlier. thank you

u can get the books from SIDC in Securities Commission in Mont Kiara. Not sure I still have mine at home but old version one.

so bro, do we need to get the licence first before applying the job or after apply the job?

for examples, this job,
http://impact-my.jobstreet.com/CML-Careers...CeIpARuMe7bQ%3d

Successful candidates will be required to sit for Module 6 & 7 and apply for Dealer's Representative Licence.

It will be better if you get the job first in IB then the co will pay for the course and exam fees and other licensing fees, if you take license first u have to pay for all these and cannot confirm u can get the job.

so here's the question... i allow to obtain module 6 & 7 license by acting on my behalf? & apply job after.... just want to confirm..
will appreciate for the answers..

u need to enquire at SC coz usually those taking m6 and m7 are usually employed and requested to sit for the exams by thier respective companies

Oh my goodness.. is this still a good career in today self-serving trading and investment?
IMO, Remisier/stock broker is a dying breed.

This post has been edited by danmooncake: Dec 25 2012, 09:57 AM

hello ,how about becoming a stock analyst ??bright future?i have accounting degree... wat are criterias that need to be compulsorily fulfilled?

How about a trade where you have $27 at risk - BUT if you hit, you make $486! That is just the kind of thing you can do with binary options!!! Learn More

To be a stock broker, you need to be expert in this sector. so be expert first, then try to do.

Looking for day traders to trade big size accounts

Equitie BP starts from 50k to few m's with perspective to grow.
Profit target 2-4 % per month.
For short period of time traders will have to use a demo platform before they will get a real account.
Steady day traders only.


P.S. Don't write PM

I am only spm qualification...can anyone tell me can i go take the cmrsl for module 6 and 7 test..and usually how long does it take..because my family dont have much money to let me study in college when i finish my spm..so i when to work at 18 and now currently im 23...so i would like to have my career as a fund management,future broker representive..so can anyone please tell me can i take the test?if cant ...than what should I do...Can anyone please tell me, because I am very interest in investment/stockbroking/share trading industrt

Few things to clerify for you:

1. There is no requirement for module 6 and 7 examinations. Any Malaysian can register for the examinations.

2. Module 6 and 7 examinations are one of the prerequisites of CMSRL (usually called dealer's representative license) dealing in securities (stocks). Fund management and derivatives (futures) licenses require different examinations (for futures, either 2 from paper 14, 16, 17 and 18; for fund management paper 9 and 10).

3. You can register the examinations and go take it yourself or register under the dealer (brokerage firm or investment bank) you work at.

4. However, after you pass your papers, when applying for the CMSRL, there are requirements: you need:

a) A recognized degree (in any field) or

b) A diploma in related fields (Economics, finance etc.) or

c) A diploma from Bank Negara Malaysia Institutions or

d) A diploma in any field with 2 years related experience (in capital market) or

e) SPM with at least 4 years experience in capital market (bear in mind that this is subject to SC's consideration, and usually application will be rejected unless there are exceptional circumstances)

5. Here is what you can do: Obtain a related recognized diploma. Part time diploma is accepted as long as it is recognized by government of Malaysia (MQA). You can either get a job in an investment bank while studying for your diploma or get into investment banking after obtaining your diploma. Other than that, you may try to get into investment banking without a diploma and after > 4 years hope your application for the CMSRL will be successful (slim chance)

6. Bear in mind that you need to apply for the CMSRL within 2 years after passing your examinations.

7. Usually fund management positions require more than recognized degree such as professional qualifications (CFA, CPA etc.) and experience. Some even requires post graduate qualifications.

Hope this helps.

This post has been edited by ru40342: Nov 15 2014, 10:14 PM

yeah this really help...so whats is the different between a 1) fund controller,2)fund managment 3) future broker representative 4)financial investment executive....can you explain to me please..thank you

someone please help me, I dont know what the different between a fund (whatever), a dealer representative, a future broker reprensentative? because I am kinda confuse, I want to know which has the brighter future.If someone would explain to me more clearly than I might know which module I should take than

Relax mate here's the difference:

Fund management involve a team of people handling a large sum of money (mutual fund, reit, hedge fund etc.). At its core is the fund manager(s) which act as the trustee of the fund responsible for the decision of the money invested in the fund. The easiest way to understand this concept in Malaysia is unit trust fund (mutual fund). There are various personnel involve in this fund management teams such as fund managers, analysts, sales personnel, compliance etc. Usually those at the core of the team (such as fund managers and analysts) require professional qualifications such as CFA and/or CPA and/or post graduate degree and/or extension amount of experience in capital market investment and asset management.

A future (derivative) broker (dealer's) representative is a licensed sales personnel involve in trading (buy and sell) of derivative products such as indices futures (FKLI, or futures for KLCI index), commodities futures (FCPO or crude palm oil future) or rates (KLIBOR, 3y, 5y and 10y bond rates). Basically derivative dealer's representative (or usually called as futures dealer or futures broker) has the power to buy and sell all futures trading in Malaysia. Entry position for derivative dealer's representative is the same as securities dealer's representative (called stock dealer or stock broker), which require bachelor degree and/or some experience in capital market. I got this position (long time ago) with no experience at all and just a degree.

Dealer's representative (officially securities dealer's representative or CMSRL) is a person can trade securities (shares/stocks) on behalf of others. Basically they are the sales personnel of securities traded in Malaysia. If you work for a dealer (investment bank), you are usually called Dealer's representative or sometimes just dealer but if you has the CMSRL but do not wish to work for a dealer, you can partner with an investment bank and act as your own boss (remisier). Most investment banks welcome fresh graduates for the entry position for DR you do not need much to be a successful DR.

ok thank you for clarify things with me..so is this dealer representative has a better future( career) or a future broker representative have more future

You can do both... dont worry about the exams yet... get the job first... most ppl get the job first before taking the exam... you can work without the license for a period... usually your employer will require you to take the exam and work same time... unless you want to go into business for yourself... then you must have the license already

Once you get the job you can decide which is better for you

This post has been edited by Thradash: Nov 18 2014, 10:24 AM

Both got good future as long as you can perform.

i want a job scope that are like example:i work in maybank investment bank...I find customer through database,than I act as a advisor/consultant to tell my customer which platform are best to invest right now..currency...gold..silver..share market and etc..and I tell customer you will make a large sum of profit but your risk is less than 8%...and the period is not more than 1 month than you can take back the money you invest and earn a large sum of profit(provided customer does not lost money in the invest)..so the customer trusted me and gave me money to invest in my bank...and I ask customer to share a 5% of the profit after he earn the money...but at the same time i too also get my basic salary and 2~3% commision from the bank as well....ok so my question is what is this position that I am looking for as stated here...is it a dealer representive(remisier), a future broker representative or a fund manager...and also which module paper i should take in securities commision exam...Anyone who can help me answer this I would thank him with all my heart...(sorry for bad english hope you guys can understand my word)..thank you

Additional information. Hope this helps.

https://forum.lowyat.net/topic/3169887/+40

Does anyone know if reference materials are allowed for the tests? Rules and Regulations part seems like law students materials!!

if u r referring to Module 19 (Rules and Regulations), it's an open book exam, not that u will really have time to refer anyway

yeah, if you're talking about module 19 (as mentioned by CF above). then it is an open book exam. you have 90 mins for 60 questions.

all open book, 15 guidelines (if i still remember correctly). no worries la, a lot easier than law. very easy to pass only.

good luck...